Price T Rowe Associates Inc. MD Buys 1,073,666 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Price T Rowe Associates Inc. MD lifted its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 129.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,904,263 shares of the information technology service provider’s stock after buying an additional 1,073,666 shares during the period. Price T Rowe Associates Inc. MD owned about 0.38% of Cognizant Technology Solutions worth $139,565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at about $26,000. Spire Wealth Management boosted its stake in shares of Cognizant Technology Solutions by 79.1% during the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $40,000. Quarry LP bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at $43,000. Finally, Valley National Advisers Inc. increased its position in shares of Cognizant Technology Solutions by 43.2% in the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after acquiring an additional 178 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH traded down $0.29 during midday trading on Monday, reaching $74.28. The stock had a trading volume of 511,898 shares, compared to its average volume of 4,086,122. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.35 and a current ratio of 2.35. Cognizant Technology Solutions Co. has a 12-month low of $62.14 and a 12-month high of $80.09. The stock has a 50-day moving average of $68.71 and a 200-day moving average of $71.86. The company has a market capitalization of $36.93 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 2.23 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. The business had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.11 earnings per share. As a group, research analysts anticipate that Cognizant Technology Solutions Co. will post 4.61 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, May 17th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.85%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Cognizant Technology Solutions in a research note on Thursday, May 2nd. Barclays lifted their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. lowered their price objective on Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Susquehanna decreased their price target on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $75.75.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.